Daily Archives: Jul 18, 2019

    NEW YORK (Reuters) – Wall Street’s main indexes fell on Friday following a report that the Federal Reserve plans to cut interest rates by only a quarter-percentage point at the end of the month.

    The benchmark S&P 500 erased earlier marginal gains after a Wall Street Journal report on the Fed’s plans. According to the report, while the U.S. central bank is not prepared to make a bigger 50-basis-point cut, it may make further rate cuts in the future given concerns about a decline in global economic growth and uncertainty about trade.

    On Thursday, stocks had risen as comments from New York Fed President John Williams increased hopes of a bigger rate cut. Later that day, however, a New York Fed representative said Williams’ comments were not intended to telegraph any hints about upcoming Fed policy actions.

    “It appears that the Fed has communicated its message,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “They’re basically trying to clarify their policy.”

    Futures market odds of a 50-basis-point cut at the Fed’s July meeting soared to 71% late Thursday immediately after Williams’ speech but fell to 22.5% on Friday, according to CME Group’s Fedwatch tool.

    The expiration of options on Friday likely amplified the market reaction to the report, said Dennis Dick, head of markets structure at Bright Trading LLC in Las Vegas.

    “It’s been one of those days where you get a lot of chop,” he said. “This is often on the third Friday of the month. The traders are expecting this.”

    The Dow Jones Industrial Average .DJI fell 68.77 points, or 0.25%, to 27,154.2, the S&P 500 .SPX lost 18.5 points, or 0.62%, to 2,976.61 and the Nasdaq Composite .IXIC dropped 60.75 points, or 0.74%, to 8,146.49.

    For the week, the Dow lost 0.64%, the S&P fell 1.23% and the Nasdaq shed 1.19%.

    Earlier on Friday, U.S. stocks had edged higher as strong results from Microsoft Corp (MSFT.O) momentarily buoyed technology stocks. Microsoft shares ended marginally higher, up 0.1%, but the S&P 500 technology index .SPLRCT fell 0.55%.

    Second-quarter profits at S&P 500 companies are now estimated to rise 1%, according to Refinitiv IBES data, in a reversal from earlier expectations of a small drop.

    Boeing Co (BA.N) shares gained 4.5%, despite the planemaker’s disclosure that it would take a $4.9 billion after-tax hit from the grounding of its 737 MAX, indicating that investors had expected more severe repercussions.

    Kansas City Southern (KSU.N) shares rose 4.6% after the railroad operator posted a better-than-expected quarterly profit. Its shares helped the Dow Jones Transport index .DJT gain 0.6%.

    Shares of American Express Co (AXP.N) slipped 2.8% after the credit card issuer warned of higher operating costs this year as it spends heavily on rewards programs to attract customers.

    Declining issues outnumbered advancing ones on the NYSE by a 1.29-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favored decliners.

    The S&P 500 posted 45 new 52-week highs and five new lows; the Nasdaq Composite recorded 75 new highs and 84 new lows.

    Volume on U.S. exchanges was 6.25 billion shares, compared to the 6.59 billion average for the full session over the last 20 trading days.

    Reporting by Evan Sully and April Joyner; Additional reporting by Chuck Mikolajczak in New York and Medha Singh and Uday Sampath in Bengaluru; Editing by Sonya Hepinstall and Tom Brown

      BUFFALO, N.Y.  — Dueling political protests are happening in Buffalo’s Elmwood Village this weekend.

      “We need to impeach the president,” said former congressional candidate Nate McMurray.

      “We want to show support for the president,” said political activist Rus Thompson.

      On the left, McMurray is calling his protest “America is better than Trump” and it comes on the heels of comments made on Twitter by President Trump, targeting four women of color in congress.

      “To tell someone who was born in this country to go back to their country, I mean this is someone who was born in America. If that’s not a red flag, what is?” said Nate McMurray.

      On the right, political activist Rus Thompson is countering the anti-Trump protest.

      “America, love it or leave it. If you don’t like this country then leave,” he said. “Everyone kept saying it Trump gets elected, I’m leaving and they’re still here. If you don’t like the country then why are you still here?” he said.

      Buffalo Police say there will be extra patrols on hand for this weekend’s rallies, which start Sunday at 1:00 p.m. at Elmwood and Bidwell.

      Last week, demonstrators in Buffalo shut down part of Delaware Avenue for hours, protesting refugee camps on the southern border.

      Police say those protesters did not have a permit. The City of Buffalo requires a permit when protesters plan to use a loud speaker or shut down a road. So far, police say the anti-trumpets have a permit. Thompson tells me his pro-Trump rally doesn’t need one, because his group isn’t planning on doing any of those things.

      “I don’t think the support to get rid of the president or impeach the president is as big as they hoped it would be,” Thompson said. “Bring your American flags and show support for the president.”

      “I am going to take full advantage of our rights as Americans to say what I think,” McMurray said. “America is a place where everybody, regardless of race religion or origin has a place to be.”

      The biggest message from organizers on both sides is to keep the protests peaceful. Both sides say there will be no tolerance for violence.

      THE AGUSTIN “PUCHO” OLIVENCIA COMMUNITY CENTER IS PROUD TO ANNOUNCE:

      50TH ANNIVERSARY ANNUAL GREASE POLE FESTIVAL

      “EL PALO ENCEBAO”

      JULY 19TH, 2019 – JULY 21ST, 2019

      LOCATION: OLIVENCIA COMMUNITY CENTER FESTIVAL GROUNDS

      ADDRESS: 261 SWAN STREET, BUFFALO, NY 14204

      Buffalo’s longest-running ethnic festival. 

      We will be celebrating 3 days of traditional music, ethnic food, and dancing. It will be a celebration of community and culture, with activities for the entire family. 

      For more information on the Festival, becoming a Sponsor, or Volunteer, please contact us at 716-852-1648, or lmmauras@gmail.com, or visit us on Facebook at Puchos Social Club or at www.puchoolivencia.com.

       

       

       

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